London
Far-reaching global tax reforms are reaching fruition and on the face of it, Ireland has most to lose after the small European economy threw open its doors to US multinationals.
On Thursday, 130 countries endorsed an outline agreement by the Organisation for Economic Co-operation and Development (OECD), which groups 38 wealthy nations, to level up global corporation tax.
“Pillar one” would re-allocate tax jurisdiction from where multinationals are headquartered to where they make profits, while the second pillar would establish a global minimum rate of 15 percent.
The OECD says the deal will generate an estimated $150 billion in extra revenues globally.—AFP
